Today, I want to bust one of the biggest myths in the small business world—that reducing your tax bill is your tax preparer’s job. What if I told you, it’s yours? Here’s what typically happens. A business owner gathers up their paperwork—maybe even tosses a shoebox...
Do you know what is perhaps the biggest shock to new business owners? You guessed it—the inconsistent income. When all you’ve known is a steady paycheck, running a business can feel much like a rollercoaster. This unpredictability isn’t just inconvenient. It can also...
Do you want to increase sales, boost profits, and grow your business as fast as possible? If you’re a business owner, of course you do! And there’s one place you should always start, although it’s often the last place businesses look… Your current customers. Remember,...
Business owners often tell me, “We’ve been busting our tails, and sales are up, but we’re somehow making less money.” It’s maddening, and understandably so. On the surface, everything seems to be heading in the right direction. More sales should mean more money…right?...
Today, we’re going to discuss everyone’s favorite topic…budgeting, of course! Let’s face it—no business owner wants to spend their time creating, refining, or even talking about budgets. However, failing to budget is the most expensive mistake a business can make....
Are your personal values and business goals in alignment? If not, you’ve got a major problem on your hands. Think about the manufacturing process for a moment. It always begins with raw materials. In a small business, guess what? You, the owner, are that raw material!...
Marketing is expensive, and you don’t always get what you pay for—especially if you don’t know what you’re doing! John Wanamaker famously said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” This is true for many business...
I hate budgeting, and I know I’m not the only one. Most business owners do! After all, the time you spend creating a budget is time that could be spent finding customers, making sales, delivering products, and collecting receivables, right? If you’re anything like me,...
There’s a scary question I often get asked whenever tax season rolls around: “I received cash, and I don’t really have to report that, do I?” Wrong. If you received any cash throughout the year, regardless of the amount, it’s considered income, and you are required to...
Recently, we’ve spent a significant amount of time talking about the cash conversion cycle, an estimate of how long it takes your business to receive the cash from a recent sale. If you’ve been following along, you’ll know that I’ve been stressing the importance of...